November 15, 2016

Elliott Wave Analysis Report of Nifty for 15 Nov 2016

Nifty opened gap down on Friday at 8456 and traded with negative bias for rest of the day. Nifty declined more than 230 points before closing 229 points down at 8296. It was again a big range day with huge gap down.

Yesterday, 8437 was the breakeven point and Selling was suggested if break or open below 8437 using stoploss of 8467 expecting minimum targets 8368-8348 and further even touch of 8347 can initiate further decline towards 8177. Buying was advised only after seeing 38% retracement/bounce of whole decline from 8598. Nifty broke below 8437 and decline towards 8348 without touching stoploss 8467 followed by break below 8348 later in the day. Let’s have fresh look a latest charts for further scenario.